Groupon says it raised $500 million

Groupon, a three-year-old online local advertising company, said on Thursday it raised $500 million as part of an effort to generate $950 million in financing.

It disclosed the funding in a filing with the U.S. Securities and Exchange Commission.

The online discount coupon company, which specializes in local advertising, raised the funds after reports last month that it was in talks to sell itself to Google Inc for up to $6 billion, in what would have been the web advertising giant's biggest ever acquisition.